Betts, who has five goals and an assist while playing in New York's first 41 games this season, will receive US$615,000 for each of the next two years. He is earning $550,000 this season, Betts' fifth in the NHL and second with the Rangers.
Betts entered Thursday night's home game against Philadelphia with 50 blocked shots, the most among NHL forwards.
In 142 career NHL games, including a short stint with the Calgary Flames, Betts had 16 goals and 24 points. He had one of New York's four goals in last season's playoffs when the Rangers were swept in the first round by New Jersey.